Wednesday, 25 May 2016
Last updated 29 min ago
May 2 2012 | 2:57am ET
The Los Angeles Dodgers are now officially owned by a hedge fund executive. Just not that one.
Guggenheim Baseball Management's $2.15 billion deal for the legendary baseball team formally closed yesterday, ending the tempestuous tenure of former owner Frank McCourt. The new owners are led by Guggenheim Partners' Mark Walter, who is now the team's chairman and controlling owner.
Walter's group—whose most visible member is former Los Angeles Lakers star Magic Johnson—beat out SAC Capital Advisors' Steven Cohen for the team in March. Another member of the Guggenheim group, longtime baseball executive Stan Kasten, will serve as CEO.
The deal's closing allows the Dodgers to exit Chapter 11 bankruptcy protection.